Abstract:
With the progress of interest rate liberalization and the development of commercial bank interest rate pricing mechanism, the efficiency of China's monetary policy via interest rate channel has also been continuously improved. Based on the macro time series data and micro survey data from January 2008 to June 2017, we examine the efficiency of China's monetary policy interest rate transmission to loan interest rates. In general, the benchmark interest rate is the main factor that affects the loan interest rates. After the restrictions on loan interest rate was cancelled, the efficiency of the money market interest rate transmission to loan interest rates was significantly increased. At the same time, the influence of the benchmark interest rate on the loan interest rates was slightly reduced, but still dominated. Through case analysis, we find that it is the micro-mechanism of commercial bank loan interest rate pricing which changes the monetary policy interest rate transmission. Further analysis shows that sources of funds and fluctuations in market interest rates are important factors affecting the efficiency of money market rate transmission. This paper has important practical significance for improving China's price-based monetary policy system and the transformation of China's monetary policy framework.
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